411.515. Inventory required to be maintained--documents required to establish inventory. - Missouri Statutes

Inventory required to be maintained--documents required to establishinventory.

411.515. 1. Every warehouseman shall maintain stored graininventories of sufficient quantities, qualities and grade to meetat all times his storage obligations. Failure to maintainrequired inventories is a violation of this chapter.

2. Grain evidenced by outstanding and uncanceled negotiablewarehouse receipts shall be maintained in the specific warehousefacility shown on the warehouse receipt issued when the grain wasdeposited originally. For the purposes of this chapter eachseparate warehouse facility must maintain such an inventory fornegotiable warehouse receipts issued by it at that location.

3. Inventories representing stored grain obligations otherthan those described in subsection 2 of this section shall berepresented by:

(1) Grain actually held in the warehouseman's licensedwarehouse facility;

(2) Receipts or tickets for grain stored in a licensedwarehouse in Missouri;

(3) Receipts or tickets for grain stored in a warehousefacility licensed under the United States Warehouse Act;

(4) Receipts or tickets issued by a warehouse facilitylocated outside of the state of Missouri upon a determination bythe director that such receipts or tickets are issued by a personwho, due to his net worth, his having posted a cash or suretybond, which may include an irrevocable letter of credit in a formacceptable to the director, or his having otherwise satisfied thedirector that the integrity of the grain will be maintained, isable to protect the stored grain.

4. All stored grain shall be maintained in licensedfacilities.

5. Title to any grain which is forwarded to any otherwarehouse for storage shall be evidenced as prescribed by thedirector by rule.

(L. 1977 S.B. 75 § 6)